Mechanism Capital founder doubles Bitcoin position with a $200M long

Andrew Kang, founding father of the crypto enterprise agency Mechanism Capital, has seemingly doubled down on his guess that Bitcoin will acquire in value with a $200 million lengthy place, onchain knowledge exhibits. 

“Andrew Kang simply doubled his Bitcoin place,” crypto analytics agency Arkham mentioned in an April 12 X submit. It defined a crypto tackle tied to Kang made one other $100 million lengthy guess on Bitcoin (BTC) with an anticipated revenue, or loss, of $6.8 million.

On April 9, Arkham famous that the Kang-tied pockets had placed on a $100 million leverage-long guess on Bitcoin after US President Donald Trump posted to his Reality Social platform earlier the identical day that “THIS IS A GREAT TIME TO BUY!!! DJT.”

Simply hours later, the Trump administration introduced a 90-day pause on its world hiked tariff regime, which despatched crypto and shares rallying. The tariffs, first unveiled on April 2, had gone stay simply hours earlier and had tanked most monetary markets.

Kang mentioned in an April 12 X submit that commerce warfare capitulation and a “Trump put”  — the assumption that the president will work to bump the inventory market — “are the right mixture for BTC to reverse a multi month downtrend.”

In the meantime, Senate Democrats referred to as on the Securities and Change Fee in an April 11 letter to launch an insider buying and selling and market manipulation probe into Trump and his associates over the submit, which they mentioned “seems to have previewed his plans” to pause the tariffs.

Bitcoin uneven on tariff confusion

Bitcoin has seen an over 2% swing over the previous 24 hours because the Trump administration went forwards and backwards on tariff exemptions for Chinese language digital items.

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Bitcoin hit a 24-hour low of $83,197, wiping many of the features it made earlier than the weekend, however it has since recovered to commerce flat over the previous day at round $85,000 after briefly hitting a prime of $85,315, CoinGecko knowledge exhibits.

Trump posted to Reality Social on April 13 that “there was no tariff ‘exception’ introduced on Friday,” April 11, however that levies on Chinese language electronics are “shifting to a special Tariff ‘bucket’” of 20%.

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